We are still waiting for the fat lady to sing on whether or not Deutsche Bank shares are totally worthless, but meanwhile, hardly anyone was on the right side of the trade.

ZeroHedge reported Deutsche Bank Stock Plunges To All Time Low After Merkel Rules Out State Bailout; Default Risk Surges.

That’s not surprising in the least. But what caught my eyes was this tidbit that ZH reported: “Bearish bets rose to 3% of shares outstanding on Sept. 22 from almost a three-month low of 1.7% on Sept. 16, according to data compiled by Markit Ltd.

Deutsche Bank Shorts

db-shorts

On September 16, 1.7% were short Deutsche Bank. 3% are short now.

Congratulations if you were short this turkey. I wasn’t. But I certainly was not long.

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Mike “Mish” Shedlock